KARACHI: The meeting of the Boards of Directors of Al Meezan Investment Management Ltd., Investment Advisor of Meezan Islamic Fund (MIF), Al Meezan Mutual Fund (AMMF), Meezan Islamic Income Fund (MIIF), Meezan Cash Fund (MCF), Meezan Sovereign Income Fund (MSF), Meezan Balanced Fund (MBF), and Meezan Capital Protected Fund-II (MCPF-II) were held on Friday April 27, 2012 to approve financial results for the nine months ended March 31, 2012.
Meezan Islamic Fund (MIF), Pakistan’s largest open-end equity fund in private sector, reported a net income of Rs. 364 million for the nine months ended March 31, 2012 which translates into earnings per unit of Rs. 3.36. During nine months period the fund has provided 17% return. The net assets of the fund as at March 31, 2012 were Rs. 5,274 million.
Al Meezan Mutual Fund Limited (AMMF), an open-end equity fund, reported a net income of Rs. 148 million for the period from August 05, 2011 to March 31, 2012. This translates into earnings per share of Rs. 1.11. During nine months period the fund has provided 16% return. The net assets of the fund as at March 31, 2012 were Rs. 1,642 million.
Meezan Islamic Income Fund (MIIF), the first Shariah compliant open-end income fund in Pakistan earned a net income of Rs. 66 million, which translates into earnings per unit of Rs.2.72. During the period under review the fund has provided the annualized return of 7.40%. The net assets of the fund as at March 31, 2012 were Rs. 1,228 million.
Meezan Cash Fund (MCF), the first Shariah compliant open-end Money Market Fund, earned a net income of Rs. 537 million for the nine months ended March 31, 2012 translating into earnings per share of Rs. 3.48. During the period under review the fund has provided the annualized return of 11.3%. The net assets of the fund as at March 31, 2012 were Rs. 7,742 million.
Meezan Sovereign Fund (MSF), the first and the largest Shariah compliant open-end Government Securities Fund, earned a net income of Rs. 1,415 million for the nine months ended March 31, 2012 translating into earnings per unit of Rs. 3.78. During the period under review the fund has provided the annualized return of 11.70%. The net assets of the fund as at March 31, 2012 were Rs. 18,873 million.
Meezan Balanced Fund (MBF), a closed-end balanced scheme, earned a net income of Rs. 143 million which translates into an earning per certificate of Rs. 1.19 at the close of nine months ended March 31, 2012. During nine months period the fund has provided 14% return. The net assets of the fund as at March 31, 2012 were Rs. 1,497 million.
Meezan Capital Protected Fund-II (MCPF-II), second in series of first Shariah compliant Capital Protected Funds in Pakistan reported net income of Rs. 41.6 million which translates into an earning per unit of Rs.5.27. The net assets of the fund as at March 31, 2012 were Rs. 436 million.
Al Meezan is one of the leading asset management companies in the private sector in Pakistan with total assets under management of over Rs.39 billion and AM2 rating by JCR-VIS denoting High Quality Management. Al Meezan offers a complete range of investment solutions to meet the varying investment needs of its investors which exceed 20,000 clients including over 350 institutional investors.
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